
In his inauguration speech marking the beginning of his second term, President Nayib Bukele of El Salvador declared that his primary focus will now be on the nation’s economy.
Following his initial success in addressing the country’s security issues, Bukele emphasized the need to shift the government’s efforts towards economic healing and growth.
“Now that we have fixed the most urgent issue, which was security, we are going to fully focus on the important problems, starting with the economy“, Bukele stated during his nationally televised address from the National Palace in the historic center of San Salvador.
Recent polls show that the economy is now the primary concern for Salvadorans, a significant shift from previous years when public insecurity topped the list of worries.
Livestreamed and attended by thousands in Gerardo Barrios Plaza, Bukele’s inauguration included him taking the constitutional oath of office before the President of the Legislative Assembly, Ernesto Castro.
Bukele’s election win on February 4, 2024, saw him secure 84.65% of the votes, representing the support of 2,701,725 citizens, ensuring his administration for the 2024-2029 term.
Felix Ulloa also took the oath yesterday to serve as Vice President for the next five years.
In his inaugural discourse, Bukele drew an analogy between his approach to the country’s economic issues and a patient recovering from illness.
“Maybe in this new treatment to heal the economy, we will also have to take bitter medicine, but just as a patient who cured cancer and now wants to heal their heart, the country has already cured itself of the gangs and now wants to cure its bad economy.”
Nayib Bukele
He stressed the need for three key elements to rectify and improve El Salvador’s economic condition: “One, the guidance of God; two, the tireless work of the government, and three, the people defending every decision made with their full commitment over the next five years.”
He affirmed that just as his first administration diligently worked to overcome severe public insecurity, his second term will be dedicated to addressing economic issues.
“Our generation stopped the inertia of history, defeating almost half a century of systematic violence endorsed by foreign powers and propelled by the malice and incompetence of previous governments“
Bukele declared
He criticized past administrations, particularly those of ARENA and FMLN, for their failure to mitigate gang-related violence, which contributed to El Salvador’s reputation as one of the world’s most violent countries.
“Just as we did with insecurity, exactly as we made this country safe, we are going to make this country prosperous, but for that, we need everyone to defend every decision that is made“
Bukele emphasized during his speech.
His government has already implemented various measures yielding economic benefits, including growth in sectors such as construction, tourism, energy, and infrastructure, which have generated thousands of direct and indirect jobs.
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During the COVID-19 pandemic, his administration took steps to mitigate the effects of global inflation driven by supply chain and raw material production issues.
Measures included providing direct subsidies to Salvadoran families to address basic needs and the preemptive purchase of sovereign debt, actions that have led international credit rating agencies to improve their assessments of El Salvador’s economic stability.
As Bukele embarks on his second term, the nation turns its hopes towards a period of economic recovery and growth under his administration’s new focus.